Saturday, August 13, 2022

Tiffany Sells Custom CryptoPunk Pendants for $50,000

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Shreya Christina
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For about $50,000 (30 Ethereum), CryptoPunk holders can get a handmade pendant modeled after their NFT (non-fungible token) from Tiffany & Co. – and no, this is not a joke (through decode). The pendant, which will contain “at least” 30 diamonds or gemstones, hangs from an 18K gold chain with five solid diamonds at the clasp.

The offer is only exclusive to people who own a CryptoPunk, aka the weird pixelated avatars you keep seeing on Twitter (no, not that one, the other one). But don’t be fooled by the overly simplistic art – the average costs of these things is about $200,000 even after several months of declining sales activity for the market in general. There are only 10,000 CryptoPunk designs, and now you can have your own design transformed into a custom gem-laden pendant (if you’re rich enough to afford the NFT or the pendant at all).

Tiffany & Co. has experimented in the world of Web3 in the past. In March, it announced the purchase of a $380,000 NFT that looks like a child’s drawing (Sorry not Sorry). Tiffany later debuted his “TiffCoin” cryptocurrency like an april fools joke. While the cryptocurrency never really existed, the joke served as a marketing ploy for Tiffany’s factualLimited edition 18K gold coins. Even in this case, the jeweler is interestingly targeting existing NFT holders as potential customers rather than trying to market NFTs to the people who buy its traditional physical products,

Tiffany’s NFTiff pendant joins a growing number of high-quality products that come with NFTs. Last month, Chevy attempted to auction an NFT bundled with a free 2023 Corvette, which returned zero bids, and Alfa Romeo began recording an NFT with its new Tonale SUVs.

Tiffany says it will work to create a pendant “with the highest fidelity” to the original CryptoPunk art. It explains all the details on this FAQ pagewhere it gets really serious about how it plans to make this NFT inspired piece of jewelry.

“For example, when making the 3D glasses, Tiffany designers will use baguette stones,” explains Tiffany. “CryptoPunk colors are represented as best as possible using the natural colors of various gemstones.” It’s just kind of funny that a real, professional jewelry maker had to sit there and try to figure out how to make pixelated 3D glasses on a pendant.

You can get an idea of ​​what a CryptoPunk pendant could look like here photos shared by Tiffany’s EVP, Alexandre Arnault. He shows off a very pixelated pendant that does indeed resemble the one in his Twitter profile picture. It also has the CryptoPunk number engraved on the back.

Tiffany’s expensive trinket comes with an “NFTiff,” the jewelry maker’s “smart” name for an NFT. It only sells 250 NFTiffs, which Tiffany says CryptoPunk holders can mint and redeem after purchase. The NFTiffs and their respective pendants go on sale at Tiffany’s on August 5 at 10 a.m. ET special NFT website.

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